The paper discusses the implications of disaggregation within the post-Keynesian debate on the long-run convergence of the degree of capacity utilization toward the normal one. The debate is related to the emergence of Harrodian instability inside multiplier–accelerator models and has been characterized by two “opposite” positions: the supermultiplier (SM) and the neo-Kaleckian approaches. These approaches solve the instability issue differently, but both share the postulate that an equilibrium position is such only if the desired state of firms is realized. In the long run, the economy converges toward a fully adjusted position where the realized degree of capacity utilization is equal to the normal/desired one. In this paper, we develop an Agent Based—Stock Flow Consistent version of the SM model showing that once multiplier–accelerator mechanisms are explicitly reproduced in a multi-firm economy, the accumulation process can be stable without requiring any convergence between the actual and normal rate. Conversely, the modeled economy displays two emergent properties: the fluctuations of the business cycle arise endogenously, and the long-run aggregate degree of capacity utilization persistently fluctuates around a level lower than the normal one. To this extent, the quasi-steady state corresponds to a situation where the desired state of agents is not realized and single elements are not in equilibrium, but the aggregate is. Finally, we compare outcomes produced from the model according to different scenarios on firms' heterogeneity and network symmetries.

本文讨论了后凯恩斯主义辩论中的分解对产能利用率向正常利用率的长期趋同的影响。这场争论与乘数-加速器模型中哈罗德不稳定性的出现有关，并以两种“相反”立场为特征：超级乘数（SM）和新卡莱克方法。这些方法以不同的方式解决不稳定问题，但两者都假设只有当企业的期望状态实现时才会达到均衡状态。长期来看，经济向全面调整的方向收敛其中已实现的产能利用率等于正常/期望的产能利用率。在本文中，我们开发了基于代理的 SM 模型的股票流一致版本，表明一旦乘数加速器机制在多企业经济中被明确再现，积累过程就可以稳定，而不需要实际和正常之间的任何收敛速度。相反，模型经济显示出两个新兴特性：经济周期的波动是内生的，而长期总体产能利用率持续在低于正常水平的水平波动。从这个意义上说，准稳态对应于代理的期望状态没有实现并且单个元素不处于平衡但总体处于平衡的情况。最后，